China Construction Bank Takes Multiple Measures to Ensure Credit Card Spending Security

 

As credit cards get better understood and increasingly popular, growing attention is paid to safe card use. Since August 2003 when China Construction Bank (CCB) issued the Dragon Debit Card (dual currency), security has been put high on the bank’s agenda. While pushing ahead the construction of credit card security system, CCB has taken multiple measures to ensure the credit cards’ safe operation and protect the interest of cardholders.

First, offering the optional function of setting password for credit card payment within the territory of China. It is a personalized service of CCB in response to the security needs of customers. According to international practice, credit cardholders can make payment just by signing their names, but the Chinese cardholders are more accustomed to using password, which gives them greater sense of security. With full respect for customers, CCB took the lead to offer the optional function of setting password for credit card consumption within the Chinese territory in April last year. All the bank’s cardholders can choose setting password or not freely, and today 80% of them use password.

Second, providing big payment notification service through sending mobile phone short message. Whenever the customers spend on credit cards (including preauthorization) or withdraw cash over RMB500 (including RMB 500) or US$50 (including US$50), CCB will immediately send a mobile phone short message to the cardholders, which not only allows the customers to get real-time information about credit card spending but also helps curb fraud or stealing by criminals. Since the launch of this measure a number of cash losses caused by loss or stealing of credit cards have been curbed.

Third, guaranteeing zero risk for immediately reporting the loss of credit cards. Once founding their credit cards are lost and password stolen, the cardholders just dial the CCB 24-hour hotline to report the loss and their cards will become invalid immediately and risks be curbed.

Fourth, real-time monitoring. CCB monitors the credit card transaction on a 24-hour basis. In case of any abnormal occasion, effective measures will be adopted immediately so as to protect the property of its customers to the largest extent possible.

Fifth, establishing the emergency mechanism. To raise the capacity of handling credit card emergencies, the CCB Credit Card Center has established a special working group composed of personnel from related departments and clarified the responsibilities, processing principles and procedures in a bid to ensure the timeliness of solutions and safe use of credit cards.

In addition to the above 5 measures, CCB also offers security guidance to its customers through “Users’ Guide” and “bank statement” to raise their sense of security. For example, in the Credit Card Users’ Guide, CCB reminds the customers that special attention should be paid to not lending their cards to others so as to avoid any dispute or fraud, keeping credit cards within their eyesight when spending on cards so as to avoid misuse or loss, not revealing their individual account information such as the credit card number and password to others so as to prevent any losses, making credit card spending on familiar website or website with sound reputation so as to avoid fraud of account and not inputting credit card information in public computers such as those in Internet bars so as to prevent leak of account information.